Goldman Sachs has banned partners of the firm from donating money to Donald Trump’s presidential campaign, multiple sources reported late Tuesday.
“The policy change is also meant to minimize potential reputational damage caused by any false perception that the firm is attempting to circumvent pay-to-play rules, particularly given partners’ seniority and visibility,” the firm wrote in the memo to employees. “All failures to pre-clear political activities as outlined below are taken seriously and violations may result in disciplinary action.”
But what Goldman Sachs has not clarified is why top employees are still allowed to financially support Hillary Clinton’s Democratic bid. The rule, effective Sept. 1, said “any federal candidate who is a sitting state or local official (e.g., governor running for president or vice president, such as the Trump/Pence ticket, or mayor running for Congress), including their Political Action Committees (PACs)” are not allowed to receive donations from the firm’s 467 partners.
Trump’s team is expected to give the company grief for the policy since it allows Hillary Clinton’s running mate, Virginia Sen. Tim Kaine, to receive financial support because he is not considered a local official under Goldman’s rules. Contrastingly, Trump’s vice presidential nominee Mike Pence is ineligible for donations because of his position as governor of Indiana.